Bithumb, South Korea’s largest cryptocurrency exchange, has announced harsher rules, including a new prohibition on foreigners using the trading platform who have not verified their identities using their phones.
The exchange’s representatives clarified their decision by stating that the platform is currently preparing for registration with the country’s financial regulators, as previously required by the local department. This year’s registration deadline is September 24.
Foreigners in South Korea who fail to pass KYC verification by validating their identification using a personal mobile phone will no longer trade cryptocurrencies on the platform. In addition, Bithumb has previously prohibited citizens of other nations from enrolling on the exchange unless they had a foreign registration card.
According to the business, users who will be affected by the suspension should make sure to withdraw all of their assets from the exchange ahead of time. However, no specific dates were given, with the only stipulation that it be completed “before 2021,” citing the obligatory tightening of client due diligence.
Bithumb stated that the company had reached the final stages of the registration process. They claim that this will enable the exchange to form even more mutually advantageous ties with South Korean banks, making creating accounts for clients easier.
Korbit, Bithumb, and Coinone formed a joint venture this week to design a “rule of travel,” one of the most recent demands from the financial regulator.
Meanwhile, Upbit, a major local cryptocurrency exchange, has registered with KoFIU.